GAP Insurance

The speed in which a vehicle depreciates can easily create a “gap;” the difference between what the vehicle is worth and the amount owed on it. Unfortunately, if the vehicle is stolen, accidentally damaged beyond repair, or declared a total loss, a “gap” may exist between the insurance settlement and the loan balance. Even worse, you will still be liable for any remaining loan balance and in effect will be paying off a loan for “nothing.”

For just a few dollars a month, you can purchase GAP Insurance that will relieve that financial burden. GAP Plus Insurance will not only pay the difference of the insurance settlement and loan balance but give you $1000 for a down payment on the next vehicle you finance with the credit union.